# Establishment Labs Holdings Inc. (ESTA)

> Source: Nexqual · https://nexqual.com/ESTA · data as of 2026-10-15 20:00 UTC · cite as "Nexqual, Establishment Labs Holdings Inc. (ESTA), nexqual.com/ESTA" · informational, not investment advice.

**Price:** USD 61.36 (+6.01% on the day) · last close of Oct 15, 2026; US market closed, not a live price. Prev close 57.88 · day 58.5–62.77 · 52w 44.26–97.59 · market cap $1.83B · NCM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $246M, net income -$38.9M (-15.8% margin), free cash flow -$41.5M (SEC filings).
- 1 of 80 tracked superinvestors hold ESTA (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $33.2M; 3 not under a Rule 10b5-1 plan ($12.6M).
- Analysts: Buy (mean 1.80 on a 1–5 scale) (10 analysts), mean target USD 100.7 (range 85–117).
- Total return with dividends: 1Y +31.7% vs S&P 500 +18.1%; 5Y -20.3% vs S&P 500 +85.1%.
- Next earnings: 2026-11-04, EPS estimate USD -0.23, revenue estimate $66.8M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $127M | $162M | $165M | $166M | $211M | $246M |
| Gross profit | $85.4M | $107M | $107M | $110M | $146M | — |
| Operating income | -$25.1M | -$39.7M | -$65.0M | -$50.0M | -$39.0M | -$18.8M |
| Net income | -$41.1M | -$75.2M | -$78.5M | -$84.6M | -$51.1M | -$38.9M |
| EPS (diluted) | -$1.72 | -$3.08 | -$3.07 | -$3.00 | -$1.72 | — |
| Free cash flow | -$30.0M | -$55.0M | -$96.4M | -$64.6M | -$56.9M | -$41.5M |
| Gross margin | 67.4% | 65.9% | 64.8% | 66.0% | 69.3% | — |
| Operating margin | -19.8% | -24.5% | -39.4% | -30.1% | -18.5% | -7.6% |
| Net margin | -32.5% | -46.5% | -47.5% | -51.0% | -24.2% | -15.8% |
| Revenue growth | +49.6% | +27.6% | +2.1% | +0.5% | +27.1% | — |
| Cash + short-term investments | $53.4M | $66.4M | $40.0M | $90.3M | $75.6M | — |
| Total debt | $51.9M | $175M | $189M | $220M | $248M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 7.4x · EV/Sales 8.2x · P/B 84.6x · FCF yield -2.27% · Earnings yield -2.13% · Net debt $191M · EV $2.02B

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ESTA. Change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Polen Capital | Polen Capital Management | 0.02% | $1.9M | Reduced -7.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan |
|---|---|---|---|---|---|---|
| 2026-05-26…2026-05-28 | Jw Asset Management, Llc |  | 90,533 | $6.6M | 3% | No |
| 2026-05-20…2026-05-21 | Jw Asset Management, Llc |  | 20,579 | $1.5M | 0.7% | No |
| 2026-05-06 | Chacon Quiros Juan Jose | Director | 105,000 | $7.9M | 9.7% | Yes (adopted December 16, 2025) |
| 2026-05-06 | Jw Asset Management, Llc |  | 60,000 | $4.5M | 2% | No |
| 2026-05-01…2026-05-04 | Chacon Quiros Juan Jose | Director | 75,000 | $5.3M | 6.5% | Yes |
| 2026-04-23…2026-04-27 | Chacon Quiros Juan Jose | Director | 75,000 | $4.9M | 6.1% | Yes |
| 2026-04-14 | Chacon Quiros Juan Jose | Director | 37,500 | $2.4M | 3% | Yes |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 10 analysts; mean target USD 100.7 (low 85, high 117).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | TD Cowen | Reiterated | Buy | $117 |
| 2026-09-01 | BTIG | Reiterated | Buy | $103 |
| 2026-08-13 | Citigroup | Upgrade | Neutral → Buy | $92 |
| 2026-08-07 | JP Morgan | Target raised | Overweight | $84 → $95 |
| 2026-08-06 | Needham | Target raised | Buy | $86 → $95 |
| 2026-08-06 | BTIG | Target raised | Buy | $96 → $103 |
| 2026-08-03 | TD Cowen | Target raised | Buy | $95 → $117 |
| 2026-07-15 | Mizuho | Target raised | Outperform | $100 → $105 |
| 2026-07-08 | Citigroup | Target raised | Neutral | $76 → $92 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-16) | 5Y (from 2021-10-11) |
|---|---|---|
| Total return | +31.7% | -20.3% |
| S&P 500 (SPY) | +18.1% | +85.1% |
| Per year | +31.8% | -4.4% |
| Volatility (annualized) | 53.4% | 63.4% |
| Max drawdown | -39.5% (Jul 2026→Oct 2026) | -73.5% (Apr 2022→Nov 2023) |

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## More
Full page: https://nexqual.com/ESTA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt